NPCI launched the Vajra Platform for a fast and secure platform

NPCI launched the Vajra Platform for a fast and secure platform
  • The National Payments Corporation of India (NPCI) launched the Vajra Platformto make payments fast and secure. The platform is based on blockchain technology.

 

Aim:

  • The main objective of the Vajra Platform is to provide automated clearing and settlement of payments and drastically reduce the need for manual reconciliation.

Benefits:

  • The benefits of the Vajra Platform:
  • Near real-time clearing and settlement of transactions
  • Minimal reconciliation of transactions
    Improved security and reduced operational and financial risks
    ♦ Legitimate audit trail as DLT is incorruptible
    ♦ Vajra Platform will  be used for Aadhaar authentication by the Unique Identification Authority of India (UIDAI).
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